Irvine's housing is booming again

Neoclassical architecture is reflected in the pool of an apartment complex in the Irvine Co.'s Cypress Village. JEBB HARRIS, THE ORANGE COUNTY REGISTER

Irvine at a glance

45,675acres is Irvine's total size

24,609acres are developed so far

15,039acres are dedicated open space

6,027acres of vacant, developable land remain

Source: City of Irvine

Graphics

Irvine is in another growth spurt, with at least 23,000 new homes built, under construction or planned by developers from 2010 through 2020, an analysis by the Register shows.

That's a 27 percent increase from the 84,000 Irvine residences reported in the 2010 U.S. Census.

The new home total is based on details gathered from each developer on likely construction, which in several cases was less than the number of homes allowed by entitlements on the land.

Adding in the 5,800 homes that an Irvine landowner wants to build in an undeveloped industrial zone and 1,900 likely apartments where Verizon amphitheater now stands would take the total to roughly 31,000 new homes by 2025.

Of course, that's still less than the rapid pace of residential growth Irvine saw during the real estate boom from 2001 to 2007. Housing stock jumped 56 percent in Irvine from 2000 to 2010, census records show.

Experts say the housing demand in Irvine is driven mainly by its steady creation of new, "good-paying" jobs and the plethora of undeveloped land in the city. Its acclaimed public education, low rates of violent crime and city amenities such as parks and shopping add to the allure, they say.

"Irvine is an intense demand site ... it will always be so because 'raw demand' is based on access to jobs," said Mark Boud, president of consulting and data firm Real Estate Economics.

Irvine Business Complex and Irvine Spectrum are among the largest business centers in America. Together, they host about 8,000 businesses, 170,000 jobs and 10,000 residents, according to city figures.

Employers are drawn to Irvine for several reasons, Walrod said, including:

It is centrally located in the county; it is connected by the I-5, I-405 and 55 freeways and a commercial airport; it is host to a prominent research university; it offers all levels of workforce housing, from low-income apartments to high-end luxury abodes; and it has several high-density office towers.

Irvine had about 190,000 jobs in the 2010 census. It has an estimated 210,000 jobs now and is projected to host 242,000 jobs by 2020, according to public studies. Most commuters are coming in from South County, Boud said.

Irvine's population is estimated at about 224,000. That's projected to hit 266,000 by 2020. It was 216,000 in 2010. Irvine was the seventh fastest-growing city in California last year, state figures show.

City officials say Irvine is able to handle the dramatic growth well, as it has been doing for decades.

"Demographics, residential and business growth, education and open space define the City Council's ongoing interests," Irvine Mayor Sukhee Kang said. "They also explain where our focus needs to be on a continuous basis as our community matures and grows."

Of the 23,000 new homes in Irvine, about 6,750 are apartments.

The Irvine Co. has been and is behind the majority of development in the city. "Our homebuilding is part of a long-term master plan to balance housing and jobs in the city over the next 25 years," Irvine Co. spokesman Michael Lyster said.

The 31,000-home figure includes 5,806 more homes FivePoint Communities wants to build near the Great Park, where it is already constructing 4,895 homes. It has offered to develop much of the park in exchange for the new entitlements. The city is interested in a deal after losing $1.4 billion in state funding for the park, but negotiations have stalled.

"They're taking up all the land, building homes on every inch they can find ... Irvine is losing its identity."

Related Links

Neoclassical architecture is reflected in the pool of an apartment complex in the Irvine Co.'s Cypress Village. JEBB HARRIS, THE ORANGE COUNTY REGISTER
This home in Lambert Ranch, which is being developed by the New Home Co. CINDY YAMANAKA, THE ORANGE COUNTY REGISTER
Artist's rendering of a portion of FivePoint Communities' Great Park Neighorhoods development. COURTESY OF FIVEPOINT COMMUNITIES
A two-story duplex in Portola Springs. Master developer is the Irvine Co. Builder is KB Home. COURTESY OF KB HOME
A two-story detached home in the Irvine Co.'s Village of Laguna Altura development. H. LORREN AU JR., THE ORANGE COUNTY REGISTER
Inside a three-bedroom model home at Stonegate Village in Irvine. COURTESY THE IRVINE CO.

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